Two former foreign exchange traders who deceived HSBC and Deutsche Bank with spurious trades, have been sentenced to jail in Singapore.
Singapore publication «The Straits Times» reports that ex-HSBC senior dealer Ivan Chng Kian Wee, was jailed for 15 weeks while former Deutsche Bank spot trader Toh Hway Khuan, received an eight week prison term.
The latest jailing of finance professionals comes on the back of lengthy prison terms handed down to the former BSI and Falcon Bank employees who were sentenced for their actions related to the Malaysian wealth fund 1 MDB.
Substantial Wrongful Gains
Local prosecutors were pushing for longer sentences of up to six months for Chng and three months for Toh while their lawyers had asked for a fine.
In January, the pair had pleaded guilty to using their respective banks' accounts to get favourable rates on the U.S. dollar on their own personal trades.
Chng had bought and sold $778 million, making about SGD $230,000 in wrongful gains, while Toh carried out trades amounting to $257 million and made about SGD $140,000 in wrongful gains, the report detailed.
